Corn prices catch up with one-day price pop

Author:
Updated:
Original:

The price of corn saw the largest one-day price increase in more than three months on Monday. The Associated Press reports the gain comes as dry weather is forecast for the Midwest.

December corn rose 22 cents, or 4.7 percent, to $4.85 a bushel. Corn prices have slumped this year when supplies looked too plentiful. Producers are expecting a record crop of 13.8 billion bushels of this year, an increase of 28 percent from last year's crop.

Last year, corn reached $8.49, the highest ever, after the drought damaged yields. But this year, corn has been one of the biggest decliners among agriculture products, dropping 31 percent since the start of the year. Corn futures on the Chicago Board of Trade tumbled to $4.7425 a bushel on Aug. 16, showing the biggest drop among 24 commodities tracked by the Standard & Poor’s GSCI Index.

Bloomberg News reports that estimates from the U.S. Department of Agriculture show the crop will be down 2.7 percent from what it expected in May, after rain delayed planting and low temperatures slowed growth.
Wheat and soybeans also rose, according to the Associated Press. December wheat gained 10 cents, or 1.6 percent, to $6.54 a bushel. Soybeans rose 44 cents, or 3.5 percent, to $13.03 a bushel.

Next Up

covid, vaccine

Here is Minnesota's COVID-19 update for Saturday, April 10

Cases and hospitalizations have been on the rise in Minnesota.

Gabe Kalscheur

Gabe Kalscheur announces he's transferring to Iowa State

The former Gopher guard entered the transfer portal last month.

Walz

Asked about restrictions, Walz says Minnesota is in a 'hold pattern'

Meanwhile, the governor of Michigan is urging people to stay home to slow the spread.

walz and zapko

Watch: Beloved MN sign language interpreter profiled on Today Show

Nic Zapka's work made her an internet celebrity last year.

White Bear Lake Area High School

White Bear Lake students hold walkout over racist social media comments

School officials are investigating the anonymous Instagram account.

Screen Shot 2021-04-09 at 4.48.00 PM

Hennepin Co. medical examiner: Police interaction tipped Floyd 'over the edge'

Medical Examiner Dr. Andrew Baker, who performed Floyd's autopsy, testified Friday in the trial of former MPD officer Derek Chauvin.

Siren

Attention, CNN: There will be extra tornado sirens in Minnesota next week

The national broadcaster was caught by surprise by the test this past Wednesday.

Screen Shot 2021-04-09 at 11.41.46 AM

Minneapolis Parks and Rec buys land to create park in North Loop

The Parks and Recreation Board is paying just over $2M for the land.

traffic stop

Speed-related crashes, deaths are a mounting problem in Minnesota

Fatal speed-related crashes are ahead of last year's pace.

Related